FUNDS AVAILABLE
The Village of Lowville has received $400,000 for a Downtown Lowville Housing Revitalization Program to continue the revitalization efforts currently underway in the Village. This program is currently accepting applications from building owners in the two-block downtown area. Funds are available to rehabilitate up to 12 low and moderate income renter-occupied housing units. Investor owners who rent to low and moderate income households will be eligible for 100% financing in the form of an 80% grant, 20% low-interest (3%) loan averaging $22,000 per unit, with a maximum of $25,000 per unit.
As a condition of participating in the program, landlords must agree that the tenants' rent will not exceed the greater of:
a) 30% of the tenant's gross household income or;
b) the existing rent at the time of application as long as it is below the Section 8 Existing fair Market Rent.
The current income limits are as follows:
Number in household - Maximum income
1 - $29,500
2 - $33,700
3 - $37,950
4 - $42,150
5 - $45,550
6 - $48,900
The Section 8 Existing Fair Market Rents for Lewis County are also listed below:
Apartment style - Maximum Fair Market Rent (includes all utilities)
Efficiency - $540
1-Bedroom - $543
2-Bedroom - $651
3-Bedroom - $814
4-Bedroom - $909
Both the incomes and the rents are adjusted annually for inflation.
This agreement shall exist for a five-year period but may be adjusted annually based on increases in operating expenses.
Interested landlords can download a handbook and application here. If you have any questions, please do not hesitate to call Susan at Snow Belt at 376-2639 extension 4.
